政治关联、多点接触与企业绩效——市场互换性的调节作用

An Empirical Study on Political Connection,Multimarket Contact and Firm Performance:The Moderating Role of Market Reciprocity

随着多元化经营趋势的发展,企业与竞争对手在多个市场上相遇并形成多点接触早已成为常态。在企业与竞争对手间形成多点接触的背景下,许多学者验证了多点接触会对企业绩效产生一定的影响。同时在转型制度环境下,政治关联将有助于降低市场壁垒使企业进入对方所在的市场,这会增强企业间的多点接触程度并降低竞争强度。然而,对政治关联如何影响多点接触进而影响企业绩效的内在机制还鲜有研究。基于政治关联对企业进入对方所在市场行为影响的逻辑,将市场互换性作为调节变量,利用STATA软件和OLS回归分析方法,以2008年至2014年中国9家上市民营房地产企业在151个区域市场分布变化情况作为样本,结合相互容忍假说,探讨在多点竞争环境下政治关联和多点接触与企业绩效的关系。实证分析结果表明,政治关联可以降低市场进入壁垒,使企业达到主动增加与其主要竞争对手多点接触程度的目的,进而对企业绩效有积极的影响;另外,市场互换性能负向调节政治关联与企业绩效的关系。在中国制度环境下,讨论多点接触对企业经营过程产生的影响,为中国企业在多点竞争环境下实现提升绩效的目的提供一个方向,为企业有效增加多点接触程度提供更多的解决方法,也为日后进行多点接触问题的研究拓宽了思路。

As firms pursue diversification, firms often engage with each other in more than one distinctive market. Many scholars believe that multimarket contact has a certain effect on performance. At the same time, due to the institutional transformation, political connection can help firms break through barriers to enter markets in which their competitors have dominated, and that will help firm increase the degree of multimarket contact with competitors and reduce the intensity of competition. However, few scholars have discussed the mechanism of how political connection influences performance through multimarket contact among fillnS. In line with the logic that political connection can reduce entry barriers built by competitors in their markets, we choose mar- ket reciprocity as a moderate variable. In order to test our model, we use the data of 9 listed real estate private firms from 2008- 2014 in 151 regional markets as a sample. Based on the hypothesis of mutual forbearance, we discuss the relationship between political connection, multimarket contact and performance. We use OLS regression procedure to test the hypotheses, and the results are as follows i Firstly, we find that political con- nection can decrease entry barriers effectively, so firms can build political connection to increase the degree of multimarket con- tact with competitors. And finally it can achieve performance promotion. In addition, market reciprocity in overlap markets can negatively moderate the relationship between political connection and performance. Under the domestic institutional environment and multimarket contact situation, and in order to find a way to promote per- formance effectively, we discuss the relationship between multimarket contact and business activities. We also provide more alter- native solutions to increase the degree of multimarket contact, which make contributions to the research on the problem about muhimarket contact.